Sec 263 Quashed; AO Probed Renuka Mata Society Credits; No Revision on Suspicion: ITAT Ahmedabad

Choksi Ranchhodlal Kishordas Vs PCIT (ITAT Ahmedabad)

Sec 263 Quashed – AO Conducted Detailed Enquiry on Renuka Mata Society Credits – PCIT Cannot Revise on Mere Suspicion – ITAT Ahmedabad

PCIT invoked revision u/s 263 alleging that the AO failed to properly examine credits of ₹2.36 Cr received through Shri Renuka Mata Multi State Urban Co-operative Credit Society, suspected to be an accommodation entry provider.

ITAT noted that during reassessment

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